Tag Archives: Bain Capital

The real Romney

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Mitt Romney and Paul Ryan in Ashland today

Mitt Romney and Paul Ryan in Ashland today (Photo credit: tvnewsbadge)

In coming days and months, there will be hundreds of discussions about who is the real Mitt Romney. The question should not be who is the real Mitt Romney. The question should be, “is there a real Mitt Romney? Mitt was one person at Bain and another as Governor of Massachusetts. Now that he is running for president, he is willing to cast aside his past and remake his positions as the wind shifts and the far-right demands. So the proper question is, is there a real Mitt Romney and only after that question is answered will it be proper to discuss who that person is and what he believes in.

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Mitt, the job “creator”

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Staples (Canada)

Staples (Canada) (Photo credit: Wikipedia)

Mitt didn’t create jobs at Bain, that is not what private equity firms do. The business of private equity firms is making money by buying companies and making them more efficient. That frequently involves downsizing and offshoring jobs. US workers wind up getting paid less or losing their jobs entirely. If Bain invested in a company that grew, like Staples for example, the job growth at Staples came at the expense of small businesses that lost business and jobs. Thus a job at a small business might disappear and be replaced by a job at a firm like Staples that paid less.

After everything is said and done Mitt probably created no jobs. What he did do was move jobs from one business to another. Mitt wants to count only the jobs he “created”, not the jobs he destroyed. And the jobs “created” usually paid less so that both Mitt and the CEO of a firm like Staples could be well paid. So Mitt wasn’t a job creator, he was a job mover, from one firm or firms to another.

A job creator creates a new product or service that adds jobs to the total number of people employed within the US. If your product or service reduces the total number of people employed in the US, you are a job destroyer.

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Bain pain encore

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I liked this so much that I decided to reprise it.

The pain from Bain

Stayed not in the plain

The pain from Bain

Enriched the few

Impoverished  the many

That’s what Bain did

It enriched Mitt and friends

The gain from Bain

Stayed mainly in the hands

Of Mitt and his friends

The pain from Bain

Confined not to Maine

Stretching from Atlantic to Pacific

That mighty pain from Bain.

The pain that precedes death

Death of an individual, company, city, region or industry.

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Who was in charge?

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English: Photograph of downtown salt lake city

English: Photograph of downtown salt lake city (Photo credit: Wikipedia)

Mitt says that he was not in charge at Bain after 1999. Who was in charge? Who was making the day-to-day decisions? I can understand that he took a leave of absence to help the Salt Lake City winter games in 2002. I can understand that he later changed his mind and decided to retire rather than return from the leave of absence. People do change their minds. There is nothing wrong with that. Mitt must have left someone in charge while was gone. Give us a name, Mitt. Then the media can talk to that person to confirm your assertions.

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People first

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Governor Rick Perry of Texas speaking at the R...

Governor Rick Perry of Texas speaking at the Republican Leadership Conference in New Orleans, Louisiana. Please attribute to Gage Skidmore if used elsewhere. (Photo credit: Wikipedia)

Our society and nation are plagued by a number of problems which, I believe, have a common cause at bottom. That cause is putting other priorities ahead of people. We could solve many of our ills if we put the people and their concerns first.

George Romney, Mitt’s father, was a true conservative and a Republican. He believed in a smaller Federal government and believed that the way to achieve it was for the states to solve people’s problems at the state and local level. When states ignored the problems of their citizens, they invited the Federal government to expand and try to solve those problems. George Romney supported the 10th amendment for states rights, but he believed in putting people’s rights ahead of states right.

Penn State put its reputation and revenue ahead of people, in this case children. If it had put the children first, the Jerry Sandusky tragedy would have been taken care of many years ago and there would have been far fewer victims.

Mitt Romney‘s Bain problems arise from putting profit ahead of people. He could have been satisfied with a few million dollars less profit and thereby treating people, their jobs and their lives with more compassion. As Rick Perry famously put it, there is a difference between venture capitalism and vulture capitalism. Until Mitt comes clean, we rightly suspect that he was a vulture capitalist.

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